Product focus: High street savings

Category:
Savings

Updated:
02/12/2009
First Published:
30/11/2009

MONEYFACTS ARCHIVE

This article was correct at the time of publication. It is now over 6 months
old so the content may be out of date.

The UK savings market has seen a number of new entrants in the last few years, all offering attractive rates as they look to increase their brand awareness. However, despite the banking crisis, a number of savers still prefer to go for a high street name that is well known to them. Smaller players tend to offer the best deals, but there are competitive deals from the high street.

Alliance & Leicester – Online Saver Issue 6

The Online Saver account from Alliance & Leicester is paying 3.00pc, including a variable bonus of between 1.50pc and 2.50pc for 12 months, depending on the amount invested. Savers can invest up to £2m into the online operated account. No notice is required to make a withdrawal, but all transactions must be made via a nominated account.

Nationwide Building Society – 3 Year 50+ Fixed Rate ISA

Savers aged 50 years and over and being offered a market leading rate of 4.00pc from Nationwide Building Society on its 3 Year 50+ Fixed Rate ISA. Savers can invest from £1 into the account, which accepts transfers in from other providers. The account also has a monthly interest option for those looking for a regular income. Once opened, further additions are not permitted and access to funds during the term is available on closure only and will be subject to a loss of 270 days' interest.

Post Office – Growth Bond Issue 10

For savers looking for a short term commitment, the Post Office is offering some of the highest rates on the market. Its two year bond pays a market leading 4.25pc, while its one year bond pays just below the market leader at 3.70pc. Savers can invest between £500 and £1m into the bond, which can be operated in branch, online, by post or telephone. Once opened, further additions and earlier access is not permitted.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Good news from RCI Bank UK – its latest research shows that many of us are saving more than we were a year ago, but the question is, will you be dipping into that buffer to cover the cost of Christmas?

Easy-access savings accounts are as simple as they sound – they allow you to access your money whenever you need it, without having to give advance notice, and they also allow you to pay into them at any time. Here are six of the best.